ING Vysya bank extends its network by opening 56 new branches

In the next six months the private sector lender ING Vysya Bank will be extending its network by opening 56 new branches across the country, with an expected outlay of Rs 30-40 crore.

"As part of our strategy to expand our reach, we are planning to open 56 new branches in the country. Out of these, 50 branches will be opened in northern and western regions," ING Vysya Bank Country Head (Retail Banking) Uday Sareen said.

After the opening of the new branches, it is expected the total branch network of the bank to reach 493 in the country.

The bank has put forward the proposal for the opening of 100 ATMs in the country with an aim to reach closer to customers, is waiting for the approval from the RBI. Presently, the bank has 200 ATMs at several parts of the country.

Inspired with the growth in retail banking segment, the bank is hoping for 50 per cent growth in advances to home loans and personal loans and 25 per cent growth in lending to SME sector.

"We would like to see our home loan and personal loan segment to grow at rapid pace in the coming months," he said.

The bank is doing the total business of Rs 30,000 crore, out of which the bank has retail assets of Rs 7,000 crore including advances to agriculture sector.